Wednesday, 28 September 2011

How to file Income Tax Return after due date

How to file income tax return, if the last date of filing income tax return is over and you are not filed your return in time. The last date of filing personal income tax return is 31st July every year. On or before 31st July, you should submit previous year’s income tax return. For example on or before 31st July, 2011 you had to submit the income tax return for the financial year 2010-11. In this case the financial year 2010-11 is known as previous year and the year 2011-12 is assessment year. Every 31st July you have to file the income tax return of the previous year. See the consequences of not filing IT return in time

You must be aware that you can file your income tax return even after 31st July of the assessment year. You can file your income tax return till the end of the assessment year. For 31st July, 2011 you can file the return till 31st March, 2013. But there are certain conditions and formalities to follow.

If you have no any tax dues

You have already paid the full tax and there are no any dues to be paid, you can file your income tax return till 31st March of the assessment year (This time it is 31st March, 2012) without any penalty. But if you overcome 31st March, 2012 you may be penalized by the assessing officer up to Rs. 5000/- You can file the return online free of cost through the income tax website. Find how e-file your IT Return

If you have tax dues

If you have any tax dues to be cleared and you could not file the income tax return on the due date of 31st July, you have to pay an interest for the tax dues @1% for each month after 31st Jul y till the time of paying tax and filing income tax return. If the tax liability is more than Rs. 10000 you were supposed to pay advance tax as per income tax rule and the interest must be paid from the advance tax period.

Error in TDS Certificate (Form 16)

IF you noticed any error in your TDS certificate issued by your employer in Form 16, you should file the return in time as per the TDS certificate and should approach the employer for a corrected Form16 and you could file a revised return without any penalty. If you could notice the error before filing your first return, you may file the correct details instead of filing wrong details.

The above matters can consider while filing income tax return after the due date, but remember to file the income tax return in time. If you are not able to file the return properly, please get help of any professionals and do not consider that the professional fee you are paying for filing your income tax return is a loss. You must remember that it is equally important to file the return in time just like paying income tax in time. You should not think that you have deposited all tax, then why should you take additional burden to file the return. As a responsible citizen of your beloved nation you must be aware that it is your duty to file the income tax return properly and in time.

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